1999 (8) TMI 60

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....ons set out at page 2 of the statement of case for our opinion : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in adopting the annual rateable value according to the municipal law for the purpose of assessment under the Income-tax Act ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in not h....

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....the gross rental income from the building at Rs. 2,73,120 in each of the assessment years, that is, assessment years 1985-86 and 1986-87. In appeal, the Commissioner of Income-tax (Appeals) has followed its earlier order for the assessment year 1984-85 and directed the Assessing Officer to compute the income from house property as shown by the assessee and allowed statutory deductions. In ap....

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....rned counsel for the assessee, Mr. Bajoria, submits that even in the cases where the property is let out to relations or the directors of the company or persons who have substantial interest in the company, the value should be taken on the basis of rent received actually or on the basis of rent determined as per valuation of the property by the Municipal Corporation under the provisions of the Cal....

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....lause (a), the amount so received or receivable should be taken as the annual letting value of the valuation. Admittedly, the assessee is receiving more rent than the rent receivable on the basis of the valuation of the property in question, under the provisions of the Municipal Corporation Act. Therefore, in view of the facts no interference is called for with the order of the Tribunal. Acc....